Vanguard Launches Actively Managed International Fund

Vanguard launches its fourth actively managed fund of 2019

A new Vanguard fund has launched to add to the firm’s list of mutual funds and ETFs launched under CEO Tim Buckley. Two portfolio managers from Wellington Management will lead the new fund.

The company has unveiled the Vanguard International Core Stock Fund (VWICX). It is the fourth actively-managed product to arrive at the company this year. The three other funds launched this year are Vanguard Global ESG Select Stock Fund, Vanguard Commodity Strategy Fund, and Vanguard Global Credit Bond Fund. At this pace, they might run out of managers.

The new fund will consist of an active portfolio of developed and emerging market equities. In a press release, the company says the product aims to “to outperform across regions, styles, and sectors.” The fund will hold roughly 60 to 100 stocks, and no position will represent more than 5% of the portfolio.

Also, expense ratios are expected to come in as follows: 0.35% for Admiral Shares and 0.45% for Investor Shares.

Both figures are below the weighted industry average for foreign large-blend funds.

Wellington Management Will Lead the New Fund

Wellington Management Company is signed on to actively manage the fund. The two portfolio managers are:

  • Kenneth L. Abrams, senior managing director and equity portfolio manager. Abrams is a  longtime portfolio manager for the Vanguard Explorer Fund. He joined Wellington Management in 1986. He hold an MBA in finance and a BA in economics and German literature from Stanford University.

Wellington Management

  • F. Halsey Morris, CFA, senior managing director and global industry analyst. Morris joined Wellington Management in 2008. Prior to that role, he was an equity analyst for BlackRock and a research analyst for State Street Research. He holds an MBA in corporate strategy and finance from the Wharton School of the University of Pennsylvania. He received a BA in English from Dartmouth College.

Matt Brancato, head of Vanguard’s Portfolio Review Department, offered his thoughts on Kenneth Abrams.

“Mr. Abrams’ track record, leadership, and experience allow him to bring deep research capabilities to bear across many different parts of Wellington Management,” said Brancato“Offering this multi-disciplinary approach as a core building block provides investors with the opportunity to build diversified exposure, along with the potential for outperformance.”

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May 21, 2020

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